Quantity Demanded Quantity Supplled P in USD 900 100 100 700 150 200 500 225 300 300 300 400 500 100 400 475 600 Use the information in the supply and demand schedules above to plot the supply and demand curves, and then answer the following questions. What would happen if Sony, the producers of the PS5, set the price of the PS5 arbitrarily at 500 dollars each, Instead of 400 dollars each? O a There would be a shortage of PS5S, because the quantity demanded at that price is greater than the quantity supplied. O b There would be a decrease in the demand for PS5S. There would be a surplus of PS5S, because the quantity supplied at that price is greater than the quantíty demanded. There would be an increase in the demand for PS5S.

Quantity Demanded Quantity Supplled P in USD 900 100 100 700 150 200 500 225 300 300 300 400 500 100 400 475 600 Use the information in the supply and demand schedules above to plot the supply and demand curves, and then answer the following questions. What would happen if Sony, the producers of the PS5, set the price of the PS5 arbitrarily at 500 dollars each, Instead of 400 dollars each? O a There would be a shortage of PS5S, because the quantity demanded at that price is greater than the quantity supplied. O b There would be a decrease in the demand for PS5S. There would be a surplus of PS5S, because the quantity supplied at that price is greater than the quantíty demanded. There would be an increase in the demand for PS5S.

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 14PAE

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